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As of Fri 12/20/2013 03:59 PM EST | USD
MetLife Inc ., the insurer reducing variable annuity sales by more than half, said rivals that are expanding are probably retaining less funds to back the retirement products.
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MetLife Inc ., the largest U.S. life insurer, cut its advisor force by a third, eliminating 2,500 jobs as the company scales back variable annuity sales and turns to other nations for growth.
Restructuring puts two MetLife B-Ds under one roof, ups pressure to sell proprietary products.
Senator Orrin Hatch is pushing an overhaul of public pensions that would let life insurers grab a bigger share of the $3 trillion in state and local funds, a potential windfall for companies such as MetLife Inc . and Prudential Financial Inc.
MetLife has trimmed a third of its adviser force amid a push to save $150 million a year by 2014. Question is, are the job cuts over?
Company employees will head into the field next week to woo about 850 advisors from two broker-dealers that Cetera intends to acquire from insurer MetLife , says Cetera Financial Group CEO Valerie Brown.
After weeks of speculation, Cetera CEO Valerie Brown on Friday announced the company is buying two of MetLife's broker dealers. Bruce Kelly supplies the details.
With the addition of 800-plus MetLife independent reps, the Cetera BD network will comprise 7,000 advisors managing $130 billion in assets.